Good Morning. Welcome to The Wire’s daily news roundup. Each day, our staff gathers the top China business, finance, and economics headlines from a selection of the world’s leading news organizations.
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The Wall Street Journal
- Is Shanghai’s Covid-19 Disaster China’s Future? — Time is running out for China to switch to a more sustainable strategy for containing the virus.
- China Flirts With Shorter Quarantines for Overseas Arrivals Amid Shanghai Covid Outbreak — Coastal city of Xiamen cuts total quarantine time by 11 days for international travelers, as new cases in Shanghai climb back to 26,000 a day after falling.
The Financial Times
- China escalates zero-Covid propaganda effort as experts warn of economic damage — Healthcare official says Beijing’s coronavirus prevention policy is ‘not viable’.
- CLSA proposes moving flagship investor forum from Hong Kong to Singapore — Venue change discussion highlights disruption caused by China’s strict zero-Covid strategy.
- New Zealand court rules man accused of murder can be extradited to China — Human rights campaigners say decision on South Korean national sets legal and political precedent.
The New York Times
- Shanghai’s Food Crisis Prompts Beijing Residents to Stock Up — “Things that happened in Shanghai made me panic,” said Li Lilin, a real estate agent in Beijing, adding, “I’m just terrified of starving to death.”
- China’s Widespread Lockdowns Will Bring an Economic Toll — The country’s zero-tolerance policy for coronavirus cases has analysts downgrading China economic growth forecasts.
Caixin
- Soaring Lithium Prices Yield Bumper Profits — The average spot price of battery-grade lithium carbonate, a key material used in electric car batteries, has nearly doubled in the first quarter after shooting up 434% last year.
- Shanghai’s Covid Lockdown Forces Scramble by Tech Supply Chain — As Apply suppliers Quanta and Pegatron suspend output, Biren, SMIC and Hua Hong dodge restrictions by having workers live in factories and offices.
- Chinese Metal Tycoon’s Companies Fined $1.83 Billion by U.S. — Businesses controlled by Zhongwang founder Liu Zhongtian sentenced in conspiracy to evade customs duties on aluminum.
South China Morning Post
- China vows ‘necessary measures’ to defend investors amid Western pressure to take sides in Russia-Ukraine war — Western sanctions on Russia following its invasion of Ukraine have already caused disruption to China’s normal trade with its northern neighbour, according to the Ministry of Commerce on Thursday.
- US congressional group heads for Taiwan meeting with Tsai Ing-wen: reports — Senate Foreign Relations Committee chairman Bob Menendez, who leads latest delegation, is known for his friendly stance towards the self-ruled island.
Nikkei Asia
- Analysis: Xi gives thumbs down to Shanghai, distancing closest aide — Li Qiang had been favorite to be China’s next premier.
- The Chinese nationals who chose to stay in Ukraine — Many left, some can’t leave, but a few prefer to remain in the war zone.
Bloomberg
- Xi Moves to Stop Shanghai Covid Rage From Sweeping Across China — President Xi Jinping now has a bigger problem than stopping Covid-19 infections: Quelling escalating anger in Shanghai before it spreads across China, creating a wider crisis of confidence in the Communist Party.
- JPMorgan’s Top China Banker Steps Down in Leadership Change — JPMorgan Chase & Co.’s top executive at its securities business in China, Houston Huang, is stepping aside and is being replaced by his deputy as the Wall Street bank ramps up to tackle slowing growth in the world’s second-biggest economy.
- Xi’s Graft-Buster Has Direct Role in Probe of Jack Ma’s Ant — The Central Commission for Discipline Inspection was seeking to understand the influence of Ma’s fintech empire and the extent of its transactions with state banks and enterprises.
- China Won’t Let Hong Kong Cut Seven-Day Quarantine, Tien Says — Another Hong Kong politician, who asked not to be identified due to sensitivities around virus policy, said the city’s drift from the mainland’s strategy was so sensitive that it wasn’t talked about at last month’s NPC meeting.
The Economist
- Why China is turning away from English — President Xi Jinping wants his country to show more “cultural confidence.”
- China goes on the offensive over human rights — Xi Jinping tells European critics that former colonisers may not judge China.
- Two powerful accounts of Hong Kong’s protest movements — In both books, the author is a leading character as well as the narrator.
Other Publications
- The New Yorker: An Uncertain Future for a Chinese Scientist Accused of Espionage — The China Initiative is over, but the trial of Franklin Tao shows that the D.O.J. project’s chilling effects persist.
- The Washington Post: China reporter’s notebook: Stuck in time, as covid griefs repeat — There, I found a country stuck in time. The year had changed. The panic and heartbreak hadn’t.
- Quartz: “Big whites:” A nickname shows Beijing’s efforts to sugar-coat its pandemic powers — In China, these volunteers are known as big whites,” or 大白 (dà bái), a nickname that comes from the Chinese name for the white robot Baymax featured in Disney’s 2014 film Big Hero 6.
